IDBI Federal term insurance plans include four term plans that offer only protection. They are pure insurance cover and not related to any kind of investment. They offer financial security to the family members of the insured in case of his/her sudden death. These plans offer additional benefits along with helping meet the financial concerns for the family when the insured is not around.
Types of IDBI Federal Term Insurance Plans
IDBI offers four term insurance plans for those who want coverage in terms of protection. These plans are:
- Income Protect Plan
- iSurance Flexi Term Plan
- Termsurance Sampoorna Suraksha Micro-insurance Plan
- Termsurance Life Protection Insurance Plan
Income Protect Plan
As the name suggests, this term insurance plan by IDBI is designed to safeguard your loved ones with regular income in case you’re no more around.
Eligibility Criteria
| Particulars | Details |
| Entry Age | 25 – 60 years |
| Maturity Age | 70 years |
| Policy Term | 10 – 30 years |
Benefits of the Plan
- Under the Income Protect Plan, the family of the policyholder shall be paid with a lump sum amount immediately on the death of the policyholder to manage the expenses
- There is a provision of increasing monthly income benefit that will make sure your family leads a life of dignity (financially) in your absence
Termsurance Life Protection Insurance Plan
Eligibility Criteria
| Particulars | Details |
| Entry age | 18 – 60 years |
| Maturity age | Max 70 years |
| Policy Term | 10 – 30 years |
Benefits of the Plan
- The plan offers premium return option to the policyholder which is usually not provided in term insurance plans
- The plan offers a discount on the premium if the sum assured is of Rs. 10 lakh or above
Termsurance Sampoorn Suraksha Micro-insurance Plan
Eligibility Criteria
| Particulars | Details |
| Entry Age | 18 – 55 years |
| Maturity Age | 23 – 60 years |
| Policy Term | 5 – 10 years |
Benefits of the Plan
- This plan is for rural customers and is The premium amount starts from as low as Rs.100 for Regular Pay Option and Rs.400 for Single Pay Option.
- Documentation for the initiation of Termsurance Sampoorn Suraksha Micro-insurance Plan is very easy. One just needs to submit the dully filled in forms along with required documents and be sorted. Unlike other insurance policies, this term plan does not require any medical examination.
iSurance Flexi Term Insurance Plan
Eligibility Criteria
| Particulars | Details |
| Entry Age | 18 – 60 years |
| Maturity Age | 80 years |
| Policy Term | 5 – 62 years |
Benefits of the Plan
- The policyholder has the option to get the death benefit converted as lump sum amount receivable in case the policyholder is diagnosed with terminal critical illness (before 65 years of age)
- Premium amount starts as low as Rs. 5,000 only while the sum assured can go up to Rs. 30 crore. This ensures a wide range of premium-benefit ratio from which one can opt for their preferred one
Cases where you Can’t Claim IDBI Term Insurance Plans (Exclusions)
The four term insurance plans offered by IDBI provide coverage in most of the situations, though there are some exceptions where no coverage is provided to the policyholder. These are as follows:
- If the policyholder commits suicide or attempts the same resulting to which he/she suffers from permanent total disability, he or the beneficiary shall not get any benefits
- Damage done due to war, terrorist activity, martial or civil law, etc.
- Self-inflicted injury or death caused due to consumption of drugs, alcohol, narcotics, etc.
- Death or damage done due to taking part in life threatening sports or related activities
- If the policyholder has served in armed forces, police, or any other equivalent organization
Documents Required for Claim Process
- Death claim form
- Original policy document
- Original/Attested copy of Death Certificate issued by Municipal Corporation
- Attested copy of nominee’s photo ID and residential proof (List of documents)
- Medical records at the time of death and documents related to any past illnesses of the insured person
- Cancelled cheque of the nominee’s bank account (containing IFSC code)
How long does it take to pay out a claim?
While applying for claim, if all the documents are in order, the death claim can be settled within eight working days. However, if the case needs further investigation, it can be done within a reasonable time.
FAQs
Q1. What is the process of policy renewal for IDBI Federal Life term insurance plans?
For an existing IDBI policyholder, payment for the policy renewal premium online with convenience. The policyholder can fill the e-Policy Conversion Form and submit the form along with the attachment, if any, to the nearest IDBI Federal branch. The renewal process remains the same for rest of the period.
Q2. What is the process of policy cancellation for IDBI Life term insurance plans?
The time period specified for policy cancellation is 30 days. The policyholders are expected to attach all the documents. The policyholders must attach the duly filled policy surrender form which is easily available at all the IDBI branches. Once the process of scrutiny is over, the refund for the policy cancellation is transferred to policyholder’s bank account.
Q3.How can one check the status of policy for IDBI Federal Life term insurance plans?
The policyholder should visit the website of the company and provide the required information on the site and the site would deliver the latest status of the policy.